Xerox (NYSE:XRX) Shares Gap Up – Still a Buy?

Xerox Holdings Co. (NYSE:XRX)’s share price gapped up prior to trading on Monday . The stock had previously closed at $6.36, but opened at $6.50. Xerox shares last traded at $6.30, with a volume of 410,206 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of Xerox from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. Three research analysts have rated the stock with a sell rating and two have given a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $9.50.

Xerox Price Performance

The stock has a fifty day moving average of $8.25 and a 200-day moving average of $9.15. The company has a quick ratio of 0.84, a current ratio of 1.11 and a debt-to-equity ratio of 2.61. The firm has a market capitalization of $797.41 million, a P/E ratio of -0.59 and a beta of 1.66.

Xerox Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 7.86%. The ex-dividend date is Monday, March 31st. Xerox’s dividend payout ratio is currently -4.66%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Gladius Capital Management LP bought a new stake in shares of Xerox during the third quarter worth $29,000. Picton Mahoney Asset Management boosted its position in Xerox by 330.5% during the 4th quarter. Picton Mahoney Asset Management now owns 3,758 shares of the information technology services provider’s stock worth $31,000 after acquiring an additional 2,885 shares during the last quarter. TD Waterhouse Canada Inc. acquired a new stake in shares of Xerox in the fourth quarter valued at approximately $51,000. US Bancorp DE boosted its stake in shares of Xerox by 42.3% during the 3rd quarter. US Bancorp DE now owns 6,353 shares of the information technology services provider’s stock worth $66,000 after buying an additional 1,888 shares during the last quarter. Finally, KBC Group NV grew its position in shares of Xerox by 84.5% in the 4th quarter. KBC Group NV now owns 9,223 shares of the information technology services provider’s stock valued at $78,000 after acquiring an additional 4,224 shares during the period. 85.36% of the stock is currently owned by institutional investors.

About Xerox

Xerox Holdings Corporation, together with its subsidiaries, operates as a workplace technology company that integrates hardware, services, and software for enterprises in the Americas, Europe, the Middle East, Africa, India, and internationally. The company operates through two segments, Print and Other; and FITTLE.